Rainbow Refinement plan to set up a subsidiary with cash contribution of $55 million

NetEase financial November 30 Rainbow Refinement of the Tuesday evening release announced that the company intends to invest 55 million yuan and Shenzhen Green World Biodegradable Materials Co., Ltd. jointly established and cooperation in Shenzhen Rainbow Green World Biodegradable Materials Co., Ltd. November 23, Rainbow refinement and the Green World (as a partner) and Su Yihai (as the technical inventor and guarantor) in Shenzhen signed the "Cooperative business Agreement", will be jointly established with the green World and cooperation in the operation of Shenzhen Rainbow Green World Biodegradable Materials Co., Ltd., registered capital of 100 million yuan.　　Among them, the rainbow refinement to cash capital of 55 million yuan, accounting for 55% of total equity, the green World with cash contribution of 45 million yuan, accounting for 45% of total equity. The announcement indicated that the joint-venture company name was formulated as: Shenzhen Rainbow Green World Biodegradable Material Co., Ltd., mainly engaged in technology development, production, sales and service of biodegradable materials. In the initial stage, that is, three months after the establishment of the Rainbow Green World, Rainbow Green World production and sales of biomass degradation materials products should be up to 500 tons Nissan, 1000 tons a year to achieve Nissan, in the development phase, that is, Rainbow Green World after the establishment of 18 months, the Rainbow Green World production and sales of biomass degradation materials products should reach an annual output of 700,000 tons　　In the production stage of the scale, that is, three years after the establishment of the Rainbow Green World, the Rainbow Green World production and sales of biomass degradation material products should reach an annual output of 1 million tons. Rainbow Refinement, said the company's foreign investment set up a subsidiary, will expand the company's business areas, Rainbow Green World products are biodegradable materials, with the replacement of ordinary plastic material characteristics, biodegradable materials to replace ordinary plastic materials has become a trend, the market prospect is broad. The project will not bring revenue to the company in 2010.